YouTube, founded in February 2005 by former PayPal employees, is a popular video sharing platform that allows users to upload and share videos, having been acquired by Google in 2006 for $1.65 billion. The platform supports various file formats and provides benefits such as user-friendliness, the ability to reach a large audience, and opportunities for viral marketing. Users can create accounts to upload content and utilize features like tags, titles, and descriptions to enhance video visibility.